India Aims To Boost Seafood Exports To $12 Billion, Eyes High-End Markets

News in Brief:- India aims to boost seafood exports to $12 billion within two years, focusing on high-end markets like the US and Europe.- The country's dominance in shrimp exports highlights its thriving seafood industry, despite challenges regarding labour practices and global demand. India is set to elevate its seafood exports to $12 billion within two years, a notable jump from the current $8 billion. This ambitious target, as announced by government officials, emphasises India's strategic focus on premium markets, particularly the United States and Europe. Notably, India has cemented its position as the foremost supplier of seafood, particularly frozen shrimps, to the US. Over the span of eight years, exports to the America have doubled, reaching a significant $2.6 billion in the fiscal year 2022/23. This surge underscores the burgeoning demand for Indian seafood in the global market. Shrimp farming emerges as a significant avenue, providing livelihoods to approximately 200,000 workers, notably in the Southern states such as Andhra Pradesh. However, despite the promising prospects, concerns linger regarding the potential weakness in global demand for the current fiscal year. India's seafood prowess extends beyond the US, with China, the European Union, South East Asia, Japan, and Middle Eastern countries emerging as vital markets. Products like frozen fish, octopus, and cuttlefish also witness robust demand, showcasing India's diverse seafood offerings.

Ensuring global standards

In light of recent allegations surrounding exploitative labour practices among some shrimp exporters, Indian officials have vehemently refuted these claims as baseless. Efforts are underway to engage with exporters and state governments to ensure compliance with ethical labor practices, thereby safeguarding India's reputation in the global market. The Federation of Indian Export Organisation (FIEO) reassures stakeholders that shrimp exporters adhere to stringent food safety and quality norms, aligning with the requirements of importing nations, including the US. Such measures aim to bolster confidence among buyers and uphold India's standing as a reliable seafood exporter.